New Residential Issues ABS Backed by Excess Spread from Mortgage Servicing Rights on Non-Agency Mortgages
October 7, 2016
Affiliates of New Residential Investment this week issued a $345.0 million ABS backed by excess spread from mortgage servicing rights on non-agency mortgages. The deal appears to be the first of its kind to receive a credit rating. Morningstar Credit Ratings assigned a BBB rating to NRZ Excess Spread-Collateralized Notes 2016-PLS2. With MSRs, excess spread consists...